The Labor government will spend some of the extra money on infrastructure, with earlier announcements earmarking $45 billion on capital works, including roads and other infrastructure, $700 million in 2018-2019 for the $5.4 billion Cross River Rail project and $250 million for school buildings across the state.

Ms Trad denied this year's big infrastructure cash splash would make up for underspending in previous budgets.

"I don't think anyone can look around and say that infrastructure was neglected in the last term," she told ABC radio on Tuesday.

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Ms Trad also played down the state's large debt, which is expected to hit $83 billion in four years, saying more than half was carried by government-owned corporations that manage their own deficits while also delivering a dividend to the state.

The government will also announce $5.5 billion in rebates, an increase of $200 million on the previous year.

To help pay for these, four "luxury" taxes will target the top end of town - high-end cars, foreign property investors and online bets, plus a new land tax category for an estimated 850 large holdings that don't include farms.

A new $70-per-tonne waste levy is expected to generate around $200 million a year, although there are calls from councils to quarantine that money to directly benefit local governments.

The government has also committed $26 million to keeping a 50 per cent rebate on payroll tax.

The Liberal National Party opposition has accused the government of not dealing with debt but hasn't yet outlined its plan, saying only that it was "committed" to reducing debt.